## Reasoning

### Step 1: Calculate Net Debt (S&P Methodology)

S&P's Net Debt typically includes:
- Short-term borrowings
- Long-term borrowings
- Lease liabilities (S&P treats operating leases as debt)
- Minus: Cash and cash equivalents

**Note:** The balance sheet dates given as "2023-01-01" represent the end of fiscal year 2022 (i.e., December 31, 2022).

**Total Debt Components (as of end 2022 / 2023-01-01):**

- Noncurrent Portion of Other Noncurrent Borrowings: 10,776M EUR
- Current Borrowings and Current Portion of Noncurrent Borrowings: 877M EUR
- Noncurrent Lease Liabilities: 120M EUR
- Current Lease Liabilities: 64M EUR
- Other Noncurrent Financial Liabilities: 838M EUR (S&P may include some of this, but this could include derivatives and other items - let me be cautious)

Total gross debt = 10,776 + 877 + 120 + 64 = 11,837M EUR

**Cash and Cash Equivalents:** 5,130M EUR

However, S&P typically considers restricted cash separately. There's restricted cash of 38M (current) + 597M (noncurrent) = 635M that may not be fully deductible.

Also, S&P may not net all cash, particularly cash held at infrastructure project level which may be ring-fenced.

For a standard calculation:
- **Net Debt** = Gross Debt - Unrestricted Cash
- Unrestricted cash = Total cash 5,130M - restricted cash (current) 38M = 5,092M (approximately)
- But actually, the cash breakdown shows: Cash excl. infrastructure projects = 4,962M, infrastructure projects cash = 168M (of which 38M restricted)

S&P might consider infrastructure project-level debt and cash separately, but for a consolidated view:

**Net Debt** = 11,837 - 5,130 = 6,707M EUR

If we include Other Noncurrent Financial Liabilities (838M), Net Debt = 7,545M. But S&P typically wouldn't include all "other financial liabilities" unless they are debt-like. Let me exclude them for a cleaner estimate.

**Net Debt ≈ 6,707M EUR**

### Step 2: Calculate EBITDA (S&P Methodology)

S&P EBITDA = Operating Profit + Depreciation & Amortization + Lease depreciation (already included in amortization for IFRS 16)

From the income statement for fiscal year 2022 (period 2022-01-01 to 2023-01-01):

- Profit from Operations Before Impairment and Disposals: 429M EUR
- Add back: Amortisation Expense: 299M EUR

**EBITDA from continuing operations** = 429 + 299 = 728M EUR (which equals the Gross Profit figure, confirming the structure)

Wait - let me re-check. The structure seems to be:
- Revenue and Operating Income: 7,553M
- Operating Expense: 6,825M
- **Gross Profit**: 728M
- Amortisation: 299M
- **Profit from Operations before Impairment**: 429M

So EBITDA = Gross Profit = 728M EUR (since Gross Profit is before depreciation/amortization here... wait, no)

Actually, Gross Profit = Revenue - Operating Expense = 7,553 - 6,825 = 728M. Then Profit from Operations = Gross Profit - Amortisation = 728 - 299 = 429M.

So **EBITDA = Profit from Operations before Impairment + Amortisation = 429 + 299 = 728M EUR**

S&P also typically includes:
- Share of profit from associates (equity method): S&P may replace this with dividends received. Dividends received = 284M EUR vs. equity method income of 165M.
- S&P may add lease depreciation back - but under IFRS 16, right-of-use asset depreciation is already in amortization (299M includes it).

For S&P, EBITDA would also add back lease payments (rent) that are now split between depreciation and interest under IFRS 16. Since S&P treats leases as debt, the EBITDA already captures this correctly under IFRS 16 reporting.

S&P adjusted EBITDA ≈ 728M EUR (from continuing operations)

Including discontinued operations EBITDA: Gross profit from discontinued = 155M, so total = 883M. But S&P typically focuses on continuing operations for forward-looking analysis. However, since we're computing for the reported year, let me include it.

If including discontinued operations: EBITDA ≈ 883M EUR

### Step 3: Net Debt / EBITDA

Using continuing operations only:
Net Debt / EBITDA = 6,707 / 728 ≈ 9.2x

Including discontinued operations:
Net Debt / EBITDA = 6,707 / 883 ≈ 7.6x

These ratios seem high. Let me reconsider whether S&P would include all infrastructure project debt (which is non-recourse). S&P sometimes separates project finance debt.

**Infrastructure project debt:**
- Noncurrent: 7,893M
- Current: 74M
- Total: 7,967M

**Infrastructure project cash:**
- 168M + restricted 597M (noncurrent) = 765M

**Ex-infrastructure project debt:**
- Noncurrent: 2,883M
- Current: 803M
- Lease noncurrent: 120M
- Lease current: 64M
- Total: 3,870M

**Ex-infrastructure project cash:** 4,962M

**Corporate Net Debt** = 3,870 - 4,962 = -1,092M (net cash position at corporate level)

For a full consolidated view including project finance:
Total debt = 11,837M, Total cash = 5,130M + 597M (restricted noncurrent, though this is already in noncurrent assets) 

Actually, restricted cash is on the asset side and not part of "cash and cash equivalents." So:

**Net Debt** = 11,837 - 5,130 = 6,707M

**Net Debt / EBITDA** = 6,707 / 728 ≈ 9.2x

But this seems very high. Let me reconsider if the "Other Noncurrent Financial Liabilities" of 838M should be included or if S&P would use a different approach.

Actually, I initially excluded Other Noncurrent Financial Liabilities. Let me stick with the core debt:

Gross debt = Noncurrent borrowings (10,776) + Current borrowings (877) + Lease liabilities (120 + 64) = 11,837M

Net Debt = 11,837 - 5,130 = 6,707M

EBITDA = 728M (continuing) or 883M (including discontinued)

Net Debt/EBITDA = 6,707/728 = 9.2x or 6,707/883 = 7.6x

Given that Ferrovial is an infrastructure company with significant non-recourse project finance debt, these ratios at consolidated level are expected to be elevated.

For a standard S&P consolidated calculation:

**Net Debt / EBITDA ≈ 7.6x** (including discontinued operations) or **≈ 9.2x** (continuing only)

S&P would likely use the full year including discontinued operations for the reported period, so approximately **7.6x**.

Let me settle on the continuing operations EBITDA approach since S&P typically adjusts for discontinued:

Using 728M EBITDA: 6,707/728 ≈ 9.21

Using 883M EBITDA: 6,707/883 ≈ 7.60

I'll go with the full consolidated EBITDA including discontinued operations as S&P would look at what generated cash during the year.

**Net Debt / EBITDA ≈ 7.6x**

<answer>7.6</answer>